Chinese company Huawei Technologies recorded its fastest growth in four years during 2023, amid a recovery in the consumer sector and revenue from new businesses such as smart car components, which accelerated its recovery from U.S. sanctions. Revenues increased by 9.63 percent from the previous year to 704.2 billion yuan ($97.48 billion), with the consumer business significantly contributing to this figure, growing 17.3 percent to 251.49 billion yuan.
The United States imposed restrictions on Huawei's access to U.S. technology in 2019, accusing the company of posing a security threat, which Huawei denies. Last year marked the third consecutive year of growth for the company after revenues fell by nearly a third in 2021 when the company began depleting chip reserves, although revenues remain below the peak recorded in 2020 of 891.3 billion yuan.
In a press statement, the company's rotating chairman, "Ken Hu," stated that the results were in line with expectations. He added, "We have been through a lot over the past few years. But we have overcome one challenge after another and managed to grow." Net profit in 2023 rose by 144.5 percent to 87 billion yuan.
